 & Estimate & Pre-trends test & Control &  Obs \\
 Baseline & 0.0121** & [p=0.725] &  -  & 46958 obs \\
 & (0.0048) & &  -  & (3705 pairs) \\ 
 Removing planned Cooperation \\
 1. No firms w/ planned coop. &0.0110** & [p=0.777] &  -  & 46563 obs \\
 & (0.0047) & &  -  & (3701 pairs) \\ 
 2. No CZ x ind with planned coop. & 0.0116** & [p=0.988] &  -  & 43495 obs \\
 & (0.0049) & &  -  & (3468 pairs) \\ 
 Contolling for potential endowment differences \\
 1. Candidates' quality & 0.0122** & [p=0.760] &  -0.0075  & 46958 obs \\
 & (0.0048) & &  (0.0360)  & (3705 pairs) \\ 
 2. Rejected projects  & 0.0123** & [p=0.767] &  -0.0074  & 46958 obs \\
 & (0.0048) & &  (0.0052)  & (3705 pairs) \\ 
 3. Fundings permutations & 0.0121** & [p=0.729] &  0.0070  & 46958 obs \\
 & (0.0048) & &  (0.0182)  & (3705 pairs) \\ 
